The median venture-capital fund also fell just short of matching the S&P, although an average of venture-capital firms weighted by how much capital each had invested beat it by a short head.
Among the sampled units, firms with 250 or more employees have the highest training incidence (92.8%, not weighted), firms with fewer than 10 employees the lowest (67.2%, not weighted).
They calculated that €1,000 invested in 2001 in a portfolio of publicly traded family firms in Europe, weighted by market capitalisation, would have generated €3,533 by the end of the decade, compared with €2,241 from a portfolio of non-family firms.
Thomas Doerflinger, an investment strategist at UBS Warburg, said the firm's dollar index, weighted for sales by American subsidiaries in foreign countries instead of by overall trade, had increased in each of the last 23 quarters.
The study, by Kanon Bloch Carré, an investment management firm based in Boston, weighted each fund by size, so that the biggest funds had the greatest effect on a fund company's performance.
These were not innocent transformations, and few structures here remain as solid and firm as this one, weighted down by more than 1,500 years of battles, bloodshed and commingling influences.
The dollar firmed against its index weighted against a range of currencies.
Since the locations of foreign investments differ significantly between firms, it is possible to construct firm-specific weighted averages of foreign GDP growth.
The index is weighted by the firms' market capitalisation and the share of their revenues they get from China.
All models weighted by bank-firm debt in 2008:Q4.
